Category: Oil

For anyone living in Canada who needs a high-quality fuel company, there is none better than Obsidian Energy. Obsidian Energy has been a leader in the gas and oil production industry, so you can trust knowing you’re choosing a company that is ideal for all of your fueling needs. Obsidian Energy offers their products for both homeowners as well as business owners in commercialized corporations, so you can choose a specific product for your needs and then decide when and where you want to get it delivered. There are a few reasons why Obsidian Energy is far superior to many of the other fuel companies that are available on the market.

For one, Obsidian Energy offers a higher-quality product. They produce their own gas and oil, which means that they are in control of its quality. You will also find that because of the higher-quality of fuel, it lasts longer so that you do not have to order as much. This saves you time, money and hassle long-term and is why so many people are putting their trust into Obsidian Energy and utilizing their products day in and day out. Along with being a great product, Obsidian Energy offers their fuels at competitive and affordable rates. You will find it to be a lot more affordable to buy these items when you make the decision to use this company.

Obsidian Energy, formerly known as Penn West Petroleum, opened for business in 1979. The company first started functioning through its main corporate office in Alberta but had its operations running in different parts of the country. The company is an incredibly large producer of oil and natural gas and supplies it to different parts of the company. Most of the oil rigs that the company had in operation were located in the western part of Canada, but more were opened later in other parts of the country. Obsidian Energy’s oil fields are located in Alberta, along the Western Canadian Sedimentary Basin. This region is one of the world’s largest petroleum reserves. Obsidian’s oil production comes from three key areas in Alberta: the Alberta Viking, the Pembina Cardium and the Peace River Oil Sands.

You will find Obsidian Energy to be a wonderful option for all types of appliances. Whether you need gas for your home’s appliances or oil for your company’s heating systems, Obsidian Energy has what you need at a price that isn’t going to become a real problem for you. This is why it pays for you to make use of this amazing company and see that it is a great choice for when you’re looking to get the most out of this as an option and know exactly what you’re going to need to place an order. Obsidian Energy is there to help with any and all of your fueling needs and to help you place the order that you require. Get Additional Information Here.

Obsidian Energy is a Canadian-based public firm that deals in the production of oil and natural gas. It’s headquartered in Calgary, Alberta. It was formerly called Penn West Exploration. The company name was changed to Obsidian Energy on 26th June 2017.

Obsidian has oil and gas wells throughout western Canada specifically in Alberta along with Western Canadian Sedimentary Basin, an area that is characterized by its large petroleum reserves. The largest wells are located in the Alberta Viking, the Pembina Cardium, and the Peace River Oil Sands.

It is undeniably one of the largest companies that feature on the Toronto Stock Exchange. This is manifested by the fact that between 2005 and 2011, it achieved top market capitalization of approximately US $9.5 billion.

Just like every successful company, Obsidian Energy has faced several challenges for instance, in July 2014 the company’s Chief Financial Officer revealed accounting irregularities that had led to the misclassification of nearly $300 million. The company consequently faced several lawsuits from different investors in Canada and one in the United States of America. As a result, Obsidian Energy contracted the services of independent auditors to review its books and solve the accounting issues. Additionally, due to the decline of oil prices, the company was forced to reduce its workforce from 2,350 in 2013 to 300 workers in 2017and suspend paying dividends to its shareholders. It also had to reduce the compensation that it had set aside for its board of directors.

However, despite the fact that the company’s journey to success has been faced by these challenges, Obsidian continues to deliver strong production volumes and through the second quarter of 2017, robust funds have been seen to flow from their operations. In fact, the company expects to produce an estimate of 31,000 bbl per day in 2017. Learn More Here.

According to a statement by David French, the company’s President and Chief Executive Officer, the company will have a solid start since the company’s financials are balanced and very much stable thus putting them in a good position to manage the environment as currently constituted. He goes on to explain that they will continue to extend their investable projects for the development of Alberta and the intermediate world’s environment.

Obsidian Energy, previously known as Penn West Petroleum Ltd is a Canadian-based oil and natural gas Company. They operate from Calgary, in Alberta and was one of the sixty largest companies at the Toronto Stock Exchange. The company also has changed its stock symbol on both New York Stock Exchange and Toronto Stock Exchange. The company’s oil fields are located along the Western Canadian Sedimentary Basin in Alberta, which is one of the world’s largest petroleum fields.

David French, the Company’s President and Chief Executive Officer says the name change is in line with the aim of starting a new chapter. Obsidian Energy will be guided by three principles which are disciplined technical and commercial decision making in building and protecting the value of enterprise, relentless pursuit of innovation, transparent and accountable efforts with the shareholders, partners and the community in which Obsidian Energy operates. The company also seeks to set a new standard for performance even in lower price environments through a healthy balance sheet, prudent hedging strategy since they are well positioned with the right assets.

Obsidian Energy’s production areas include Pembina Cardium, the Peace River Oil sands and the Alberta Viking. The company expected its total production for the year 2017 to be approximately 31,000 bbl equivalent per day. Obsidian Energy also looks forward to pursuing modest growth in the next three years. The spending budgets will be tethered to the prices of oil and gas. Changing the company’s name was a unanimous decision of all the shareholders.

The shareholders also approved the resolutions in the Notice of 2017 Annual and Special Meeting and Management Proxy Circular. The circular dates back to April 2017 and its details can be found at the company’s website. Visit This Page for additional information on Obsidian.

The company has however gone through tremendous changes over the years. It has managed to reduce its net debt from almost $3 billion as of 2013 to about $384 million in March 2017. This was occasioned by the ability of the company to make sales of some of its assets. Obsidian has also managed to cut the large number of employees.